Intesa Sanpaolo’s Romanian subsidiary posts tenfold profit increase in 2019
Intesa Sanpaolo Romania, the local subsidiary of the Italian banking group of the same name reportedly in race to take over Garanti Bank Romania, achieved a net profit of EUR 12 million in 2019, well above the EUR 1 mln result recorded in…
Romania Insider · Journalist
· Updated · 1 min read
Intesa Sanpaolo Romania, the local subsidiary of the Italian banking group of the same name reportedly in race to take over Garanti Bank Romania, achieved a net profit of EUR 12 million in 2019, well above the EUR 1 mln result recorded in 2018.
The improvement was influenced by higher operating revenues and lower operational expenses, according to data reported by the parent-group in Milan, local Ziarul Financiarreported.
The Romanian subsidiary reported operating revenues of EUR 47 mln last year, 6.8% higher than in 2018, and reduced its operating expenses by over 9%, up to EUR 30 mln.
The stock of loans reached EUR 900 mln at the end of 2019, 12.5% more than a year earlier. At the same time, the stock of deposits jumped by about 11% year-on-year to EUR 1 bln. As a result, the bank's assets rose to EUR 1.4 bln at the end of 2019, from EUR 1.2 bln at the end of 2018.
(Photo source: ID 51015760 © Teodororoianu/Dreamstime.com)
